Audit 350269

Title: Note 1 - Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of The Cooper Union for the Advancement of Science and Art and its affiliates (collectively, the “College”) for the year ended June 30, 2023. The schedule was prepared using the accrual basis of accounting and is in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the College’s consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of The Cooper Union for the Advancement of Science and Art and its affiliates (collectively, the “College”) for the year ended June 30, 2024. The schedule was prepared using the accrual basis of accounting and is in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the College’s consolidated financial statements.

Title: Note 2 - Federal Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of The Cooper Union for the Advancement of Science and Art and its affiliates (collectively, the “College”) for the year ended June 30, 2023. The schedule was prepared using the accrual basis of accounting and is in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the College’s consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. With respect to the Federal Direct Student Loan Program, the College is responsible only for the performance of certain administrative duties; therefore, the net assets and transactions for this program are not included in the College’s consolidated financial statements. It is not practical to estimate the amount of loans outstanding to students of the College under this program at June 30, 2024. During the year ended June 30, 2024, the College processed $2,478,277 of new loans under the Federal Direct Student Loan Program.

Title: Note 3 - Indirect Cost Rate Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of The Cooper Union for the Advancement of Science and Art and its affiliates (collectively, the “College”) for the year ended June 30, 2023. The schedule was prepared using the accrual basis of accounting and is in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the College’s consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.